Latest Economy News

Asia stocks rise after Fed chair says US inflation temporary

Jun. 22, 2021 23:36 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher on Wednesday after the Federal Reserve chairman said higher U.S. inflation probably is temporary, helping to calm fears central bankers might feel pressure to roll back economic stimulus. Market benchmarks...

Baker: State reaches goal of 4.1M residents fully vaccinated

Jun. 22, 2021 19:05 PM EDT

BOSTON (AP) — Massachusetts has reached its goal of fully vaccinating 4.1 million residents against the coronavirus, Gov. Charlie Baker announced Tuesday. “Today, we have hit our administration’s goal of fully vaccinating 4.1 M residents," Baker wrote on Twitter....

Help wanted: Labor crisis plagues US restaurant industry

Jun. 22, 2021 19:02 PM EDT

LOS ANGELES (AP) — Sherry Villanueva’s family of Santa Barbara restaurants employed 350 people before the pandemic took hold and darkened dining rooms across California. Now, with the state’s economy officially reopened, about 250 workers are back on the job. ...

Lawmakers told updating unemployment system could take years

Jun. 22, 2021 18:22 PM EDT

FRANKFORT, Ky (AP) — Overhauling Kentucky's outdated technology for processing jobless claims could take up to three years, the state's labor secretary said Tuesday as lawmakers delved into problems with the pandemic-stressed unemployment insurance system. The state is...

Panel OKs NC Senate budget bill; Dems pan policy provisions

Jun. 22, 2021 18:14 PM EDT

RALEIGH, N.C. (AP) — Senate Republicans pushed their North Carolina government budget proposal through the chamber's largest committee Tuesday, rejecting Democratic critiques that the measure spends too little now and serves as a vehicle to sting the GOP's political rivals. ...

Georgia labor agency sued over delays in jobless benefits

Jun. 22, 2021 18:12 PM EDT

ATLANTA (AP) — Four Georgia residents are suing the state Department of Labor, saying delays in processing, paying and hearing appeals on unemployment claims violate state and federal law. The suit was filed last week in Fulton County Superior Court and announced...

How major US stock indexes fared Tuesday

Jun. 22, 2021 16:21 PM EDT

Stocks finished higher on Wall Street Tuesday, nudging the S&P 500 closer to the record high it reached last week. Markets were relatively calm through the Congressional testimony of Federal Reserve Chair Jerome Powell, who said he expects recent increases in...

Some used vehicles now cost more than original sticker price

Jun. 22, 2021 15:59 PM EDT

DETROIT (AP) — When it was new, the window sticker price on a typical 2019 Toyota Tacoma SR double cab pickup was just under $29,000. Two years later, dealers are paying almost $1,000 more than that to buy the same vehicle, even though it's used. Then they're selling...

Fed's Powell says high inflation temporary, will 'wane'

Jun. 22, 2021 15:57 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary. Consumer prices jumped 5% in May compared with a...

Connecticut governor signs recreational marijuana into law

Jun. 22, 2021 14:53 PM EDT

HARTFORD, Conn. (AP) — Gov. Ned Lamont on Tuesday signed a bill making Connecticut the 19th state to legalize recreational use of marijuana, which remains an illegal drug under federal law. People age 21 and older will be allowed to possess and consume marijuana...